TLDR:
- StepStone Group closed its sixth secondary fund, VSF VI, with $3.3 billion in commitments
- VSF VI focuses on venture capital asset class opportunities, representing the largest fund exclusively pursuing venture capital secondaries raised to date
StepStone Group announced that it successfully raised $3.3 billion for StepStone VC Secondaries Fund VI, L.P. (VSF VI), their sixth secondary fund. The oversubscribed fund had strong participation from existing investors, as well as select new limited partners. The fund focuses on opportunities in the venture capital asset class and represents the largest fund exclusively pursuing venture capital secondaries raised to date. The venture capital market has seen significant growth over the last decade, with assets under management expanding from about $600 billion in 2014 to around $3.3 trillion at the end of 2023. VSF VI seeks to provide liquidity to founders and early investors in mature venture-backed companies, purchase interests in venture capital funds from limited partners, and assist fund managers with structured solutions such as portfolio strip sales, tenders, and continuation funds.
John Avirett, Partner at StepStone, highlighted the changing mindset in the venture capital industry, with stakeholders increasingly turning to the secondary market for interim liquidity. StepStone has become one of the largest allocators to venture funds globally, with deep relationships, vast data on venture-backed companies, and a dedicated investment team focused on venture capital and growth equity. The firm is well positioned to effectively diligence, price, and structure a broad range of secondary opportunities. Hunter Somerville, Partner at StepStone, expressed gratitude for the support of new and existing investors in the fund and looks forward to seeking strong returns by financing innovation.
